The real cost of a decision is the opportunity cost measured in the commodities forgone.
Answer the following statement true (T) or false (F)
True
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Anna's Antiques expects to get two bidders for the unique china teacup it sells. Each of the bidders can either have a high-value of $100 or a low-value of $70 with equal probability. What is the expected revenue from setting the price at $100?
a. $70 b. $75 c. $80 d. $100
Price elasticity of demand is a measure of the change in quantity demanded that results from a change in price
a. True b. False Indicate whether the statement is true or false
Suppose that the elasticity of demand for hamburgers is 2.5 and price decreases by 14%. By what percentage will quantity demanded for hamburgers increase?
A. 2.5% B. 5.6% C. 25% D. 35%
Why is the short-run demand curve for labor downward sloping?
What will be an ideal response?